Treasury Sect. Mnuchin says U.S. economy 'will really bounce back' once reopened
The U.S. economy will start to recover in the third quarter after a period of reopening in May and June, Treasury Secretary Steven Mnuchin said Sunday.
The trillions of dollars in government spending “will have a significant impact” to spur growth, he said. “As businesses begin to open, you’re going to see the demand side of the economy rebound.” The Treasury Secretary refused to get drawn into the brewing fight on Capitol Hill over the next round of coronavirus relief, which is expected to include billions of dollars of federal aid to states and local governments. Local governments have been caught in a vise in the wake of the pandemic, finding their health-care costs soaring and sales-tax revenue shrinking.
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